Vice-Chancellors of Universities, Directors of Institutes, Rectors of Campuses.

HANDLING OF FUNDS BY NON FINANCE OFFICERS

At its meeting held on the 15th June, 2006, the Audit & Management Committee of the University Grants Commission noted that many Higher Educational Institutions by-pass the financial administration departments of the HEIs, in the collection and disbursement of their earned income and project funds. The committee noted that this is a highly irregular practice and decided to inform all HEIs that all earned income and project funds, belong to the Higher Educational Institution in terms of section 99(1)(d) of the Universities Act. Furthermore, in terms of section 101 of the Act, it is the Bursar of the Higher Educational Institution or an officer designated by him, who shall have authority to receive all moneys on behalf of the HEI, and make all authorized payments from the University Fund.

Vice-Chancellors and Directors of HEIs, at the point of entering into contracts or agreements for consultancies or donor related projects, should therefore ensure, that all funds from these contracts are chanelled through the HEI, and that disbursements from such funds are handled by the office of the Bursar.